During the divorce process, there is a time when each spouse must turn over financial information to the other. This process is known as discovery. There are severe penalties if one spouse is found to have hidden assets or fails to turn over information. However, you may need to investigate extensively to track down help.
Pennsylvania uses principles of equitable distribution to divide marital property. One spouse may think they can keep more of the marital estate if they do not disclose assets and lie in their financial disclosures. The law may put them in a worse legal position than if they were entirely truthful in all their disclosures.
If you suspect your spouse is hiding assets, you will need proof from the court that they are untruthful. Your attorney can perform an asset search to seek accounts that your spouse may be hiding. You may need to hire a forensic accountant to track down these assets. The accountant may need to search to learn about all purchases extensively.
Courts Take Hiding Assets Very Seriously
Courts do not take hiding assets lightly. Judges view incomplete financial disclosures and hidden assets as dishonesty and an abuse of the legal process. If your case goes to trial, a judge can even award you the discreet purchase once you have found it. They may give you a significant percentage of the marital estate to punish your spouse for hiding assets. Finally, the judge may impose sanctions on the other spouse, forcing them to pay you costs associated with tracking down the hidden assets.
If you suspect that your spouse is hiding assets, it is crucial to let your attorney know about it immediately. The longer your spouse can hide assets, the greater the chance they can dissipate what is partially yours. It may take some time for an accountant to conduct a full investigation. Then, you must go to court with an emergency petition to keep your spouse from wasting the assets.
Fully Disclose All Your Assets
When working with your attorney to assemble your financial information for discovery, you must be as comprehensive as possible. Even though you may want to keep certain assets, it is not worth the consequences that can happen if you are found to have hidden assets. You can end up in a much worse position than if you fully disclosed your holdings in the first place. You are better off being as honest as possible and letting your lawyer make the strongest viable arguments for an equitable distribution of marital assets.
Contact a Wexford Divorce Attorney Today
If you are going through a divorce, you must have legal help to avoid any mistakes. Contact The Law Offices of Dawn K. Gull online to speak with an attorney for a case review.